IDB plans to send next evaluation mission to Azerbaijan

Business Materials 4 September 2012 19:39 (UTC +04:00)

Azerbaijan, Baku, Sept. 4 / Trend A.Hasanov /

In order to evaluate the contribution of the Islamic Development Bank (IDB) in the social and economic development in Azerbaijan the second part of the mission to evaluate the effectiveness of the IDB projects will be made, IDB Baku Office told Trend on Tuesday.

"The exact date of the mission is not yet known, since it is necessary to coordinate with the government of Azerbaijan," the representative office said.

Unlike the first part of the mission, the second part will focus on visiting directly those areas where the projects were implemented.

The mission's second part, as the first, will be headed by an IDB leading specialist Abdul Hamid Bashir. The mission would prepare a report, which will reflect the data after the meetings.

Islamic Development Bank (IDB) since the beginning of its activity in Azerbaijan until January 1, 2012 signed 17 loan agreements for 15 projects in the country for a total of $726.9 million.

Before January 1, 2012 some $501 million, or 68.9 percent of the total volume of allocated credits was spent. In 2011, some $240.6 million of the IDB loans was mastered.

By January 1, 2012, some 37.1 million of principal amount of loans was mastered.

Azerbaijan has cooperated and has been a member of the Islamic Bank since 1991. The country's share in the capital of the bank is 0.13 percent.

The Islamic Development Bank was established in 1975, since the founding the bank's authorized capital has increased fifteen times from two billion Islamic dinars (Islamic dinar is a unit of IDB account and is equivalent to one Special Drawing Right of the International Monetary Fund) to 30 billion Islamic Dinars.